AbCap hedge fund plunges into annual loss

Its Octane and European Catalyst funds, both the ultimate responsibility of Mr Homm, posted heavy losses of 25.8 per cent and 24.3 per cent respectively for the year to the end of December, AbCap said today.

This helped pushed the hedge fund, which at its height managed $3.2 billion, into a €32.9 million pre-tax loss for year. Last time, it recorded profits of €27.6 million.